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15 Cards in this Set
- Front
- Back
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Business Risk |
The possibility that a company will have lower than anticipated profits, or that it will experience a loss rather than a profit. |
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Competition |
In economics, competition is the rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume by varying the elements of the marketing mix: price, product, distribution, and promotion. |
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Economy |
the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services. |
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Free Enterprise |
an economic system in which private business operates in competition and largely free of state control. |
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Inflation |
a general increase in prices and fall in the purchasing value of money. |
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Infrastructure |
the basic physical and organizational structures and facilities needed for the operation of a society or enterprise. |
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Monopoly |
the exclusive possession or control of the supply or trade in a commodity or service. |
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Profit |
a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something. |
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Resource |
a stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively. |
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Scarcity |
the state of being scarce or in short supply; shortage. |
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Land |
Natural resources are fundamental to the production of all goods, including capital goods. Location values must not be confused with values imparted by fixed capital improvements. |
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Labor |
productive activity, especially for the sake of economic gain. |
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Captial |
In economics, capital goods, real capital, or capital assets are already-produced durable goods or any non-financial asset that is used in production of goods or services. |
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Entrepreneurship |
Entrepreneurship is the process of starting a business or other organization. |
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Utility |
An economic term referring to the total satisfaction received from consuming a good or service. |
